PLD.US

Prologis, Inc.

United StatesReal EstateReal Estate Investment TrustsNYSE

129.08

USD · Close 3 Nov 2026

Intrinsic value vs last close

Model estimate

Close above intrinsic value

−21.9%Intrinsic value vs last close

−50%At last close+100%+500%

Last close (USD): 129.08
Intrinsic value (USD): 100.76

Intrinsic value = sector model's value (no adjustment)

Earnings-capitalised value

56.04−56.6%vs last close

Cost of equity 9.9% · price volatility 20.6%

Last year's earnings per share, capitalised at a cost of equity that rises with this share's own price swings, growing at the sector's long-run rate.

This is a different figure from the intrinsic value above. The intrinsic value is what the sector model says the business is worth. On Vietnamese stocks this figure has ranked future returns best in our track record; this market has no track record here yet.

Model reliability: Medium; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: Not assessed; A separate peer-outperformance probability is unavailable for this valuation.

Assessed 4 Nov 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 4 Nov 2026Anchored to close on 3 Nov 2026The gap is recalculated when the close changes; the value updates weekly.

Valuation Breakdown

Real Estate Investment Trusts→Real Estate

Classified as real estate from the industry its market data reports: “Real Estate Investment Trusts”.

ModelRNAV + DCF Blend

Intrinsic = 40% x RNAV proxy + 60% x DCF Value

Developers often carry land banks at historical cost under US GAAP, so book value can understate asset value. This model blends two approaches: an RNAV proxy (book value with its property share marked up 1.5×) weighted 40%, and a DCF on normalized cash flows weighted 60%. Highly leveraged firms receive a +2% WACC penalty.

Technical details

Why this model

RE developers carry large land inventories at historical cost; cash flows depend on project delivery timing. RNAV captures hidden land value, while DCF captures earnings power. The leverage screen guards against over-leveraged developers.

How it works

RNAV proxy: the property share of BVPS (investment property, fixed assets and inventories over total assets) × 1.5 plus the rest at book, or 1.25× all of book when that share is 10% or less or unknown, cut by up to 50% as D/E rises above 2. DCF: 5-year projection on median cash flow with CAPM-derived WACC. If D/E > 3 or interest coverage < 1.5, WACC is increased by 2%. Final value = 40% RNAV + 60% DCF.

Best for

Property developers and real estate firms with significant land banks recorded at below-market historical cost.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.94%

Betasector default

0.925

ERP

4.20%

CRP

0.22%

Cost of Equity (Ke)

9.05%

E/(D+E)

65.50%

Kd(1-t)

2.65%

D/(D+E)

34.50%

WACC

7.50%

Growth Estimate

Sector Default3.50%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

We compare the sector model's value with the last close. This market has no track record here yet, so the value is shown as the model gives it.

Last close (USD)→129.08

Intrinsic value vs last close→−21.9%

Intrinsic value = sector model's value (no adjustment)

Intrinsic value (USD)

100.76

What feeds each step— click a source to highlight it in the statements

Discount rate (WACC)7.50%high risk: no

Growth rate3.50%growth method: default

Base cash flow5.8Bone off strip ratio: 0

DCF Sensitivity

Values from the standalone DCF scenarios below. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth	0.5%	2.0%	3.5%	5.0%	6.5%
5.5%	276.68	281.35	286.02	295.92	315.65
6.5%	172.37	175.48	178.60	185.15	198.07
7.5%	120.21	122.55	124.88	129.76	139.28
8.5%	88.92	90.78	92.65	96.53	104.02
9.5%	68.05	69.61	71.17	74.37	80.51

Above market priceBelow market priceCurrent estimate

PLD.US among Real Estate

Every valued stock in the sector on this market, PLD.US marked: model value vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is PLD.US. Drag to turn; open another stock from its bead.

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Cash and cash equivalentsNet debt bridge	·	1,146	1,319	530	278	556	598	1,089	344	447	807	264	351	491	101	176	38	34	175
Fixed assets	·	222	212	208	120	118	118	107	112	·	·	·	·	·	·	·	·	·	·
TOTAL ASSETS	·	98,724	95,329	93,021	87,897	58,486	56,065	40,032	38,418	29,481	30,250	31,395	25,818	24,572	27,310	27,724	14,903	·	·
Long-term borrowingsDiscount rate (WACC) +1	·	35,037	30,879	29,001	23,876	17,715	16,849	11,906	11,090	9,413	10,608	11,627	9,380	9,011	11,791	11	·	·	·
OWNER'S EQUITYDiscount rate (WACC)	·	57,754	58,617	57,824	57,863	37,742	36,325	26,072	25,801	18,706	18,458	18,421	15,184	14,176	13,773	14,455	7,520	8,007	6,758
MINORITY INTERESTSNet debt bridge	·	4,561	4,666	4,642	4,626	4,315	4,353	3,419	3,503	3,075	3,467	3,753	1,208	465	704	794	15	·	·

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

6/9

Neutral

Sharpe

−0.05

Negative

Composite

70 and above

Piotroski F-Score Breakdown

✓Net Income > 0

✓Operating CF > 0

✗ROA Rising

✓OCF > Net Income

✓Lower Leverage

✗Better Liquidity

✓No Dilution

✗Margin Up

✓Turnover Up

Price Risk

Momentum

+3.2%

Volatility

21.0%

Max Drawdown

−17.3%

Key Ratios

Fiscal year 2025

36.21P/E

P/B: 2.08
P/S: 13.69
ROE: 5.8%
EPS: 3.58
BVPS: 62.20
Net Margin: 37.9%
D/E: 0.61
Rev Growth: +7.2%
EV/EBITDA: 22.74
Div Yield: —

Company Overview

Shares outstanding: 932M
Industry: Real Estate Investment Trusts

Computed 04/11/2026

Intrinsic value vs last close

Earnings-capitalised value

Valuation Breakdown

DCF Sensitivity

PLD.US among Real Estate

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

PLD.US among Real Estate